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Since the turn of 2021, XRP’s long-term price has been a subject of debate among crypto experts. This is because Ripple is an amazing project but has severely suffered in the hands of the U.S Securities and Exchange Commission, who has sued the network for violating investor protection laws by selling unregistered securities. While the SEC clearly misses the mark on this, XRP’s price has sharply fallen. I discuss how this could be beneficial to Ripple and XRP holders in the long run, as well as why a thousand XRPs could be worth a decent profit if purchased.
The goal of Ripple is to create a more practical, safer, and cheaper payment solution. The network has forged quite a reputation for itself as being in partnerships with various international banks and financial institutions, which is making its assignment easier to achieve. These banks are accepting XRP for several reasons, like its reputation as well as the reputation of the company that backs it up, Ripple Labs.
Ripple was designed to be a great crypto, so it is a very centralized crypto with a lot of outstanding products that the banks would like to make use of themselves. Thanks to its achievements, the project has become incredibly fast, which makes it ideal for everyday use, whether the transactions are meant to be local or cross-border.
Ripple is the name of the company and the network, and XRP is the crypto token. The purpose of the XRP is to serve as an intermediary mechanism of exchange between two currencies or networks.
How Ripple (XRP) works?
The operation of the Ripple network doesn’t run with a proof of work (POW) system like Bitcoin or a proof of stake (POS) system like Polka dot. Instead, transactions rely on a consensus protocol to validate account balances and transactions on the system. The consensus works to enhance the integrity of the system by preventing double spending. Ripple operates on an open-source and peer-to-peer decentralized platform that allows for the easy transfer of money in any form, whether it’s dollars, euros, or crypto like ethereum or bitcoin. Ripple is a global payments network and counts major banks and financial services among its customers, so XRP is used in its products to facilitate quick conversion between different currencies.
Ripple’s digital currency XRP
To understand how XRP works, look at this Ripple’s digital currency, XRP. XRP acts as a bridge currency to other currencies. It doesn’t discriminate between any fiat currency, and that makes it easy for any currency to be exchanged for another. Each currency in the ecosystem has its own gateway, e.g., USD SnapSwap, BTC Bitcamp.
If user A wants bitcoins as payment for the services rendered to user B, user B does not necessarily have to have any bitcoins. He can send the payment to his gateway in Canadian dollars, and the user can receive bitcoin from his gateway.
XRP Technical Analysis
There is a strong connection between the dynamics of the token exchange rate and the change in the bitcoin price. The price of bitcoin is soaring and falling with the entire crypto trading market. The reasons for the price rise are similar to the general premises due to which the cost of bitcoin and the entire crypto market increases or decreases.
The widespread use of XRP is out of the question. It uses XRP technology, but it remains unclaimed. If it becomes widespread or the other options for the practical application of XRP appear, the token will have real value and objective prerequisites for a significant price rise. XRP coins can serve as a convenient and cheap means of payment. The commission in the network is incomparably lower than in bitcoin, and the transaction speed is higher. It is also convenient enough to use for cheap cross-border transfers, but purchases and transfers with XRP are not as popular as with bitcoin.
In the case of global acceptance of the token, it is better suited for the role of a payment instrument than Bitcoin.
Ripple’s gains as it eyes Asia
The company is not interested in such a development for the coin’s gains as it eyes Asia. Ripple is already planning to extend its operations to Asia as the network eyes a chunk of the financial market. The stock is having a rough year due to its lingering case with the SEC, which is being dragged on to the detriment of both parties. The price of XRP was expected to soar above the two-dollar mark in 2021, but the company hasn’t been able to go public.
Despite everything, the company has kept its cool, rolling out new projects and making acquisitions to cement its place as the leading blockchain payment provider. Ripple is now looking to further push this service in Asia, having recently deployed its on-demand liquidity through RippleNet, which allows corporations to convert fiat into XRP and vice versa.
Ripple already links Japan and the Philippines. Remittances are a huge sector in world finance, with billions of dollars flowing around the world. Ripple is aiming to become the largest remittance solution provider. Ripple will compete with traditional remittance providers and has to be at the top of its game to make it.
The remittance market of Japan and the Philippines is worth nearly two billion dollars, with many interests already being explored. SMBI Remit to Japan payment provider has entered into a partnership with coins.ph, a Philippine mobile payment service. The Philippines receives up to $1.8 billion in remittances each year.
Ripple’s interest in Asia cannot be mistaken. The continent, which features a lot of industrialized countries with booming trade, has caught the interest of Ripple’s. Fintech and other related businesses are lucrative industries in Asia as it has become a major business hub.
In 2021, Ripple has made moves in Asia as it looks to strengthen its grip on the continent. In March 2021, Ripple acquired a 40% stake in the Asian remittance payment firm Tranglow to enhance its presence in Southeast Asia. Ripple explained that Southeast Asia is saturated with lots of payment and remittance providers, but the continent lacks a cross-border solution that also integrates payments. Ripple is uniquely placed to do this with its existing technology and by deploying it across several partnerships.
However, despite Ripple’s progress in the Asian market, its protracted case for the SEC will continue to hinder its growth in Asia because investors will be wary of future developments coming out of the U.S. Another drawback is Ripple’s rivalry with Stellar and traditional financial payment solutions. This may slow the adoption of its new investments in Asia.
What does all this mean for the price of XRP
As the native token of the Ripple network, XRP is the biggest winner from all of this. XRP has been under heat in 2021 amid claims that it was sold as a security and not a currency by the SEC. The price of XRP stood at $0.89 in August 2021, but would have been a lot higher had everything gone according to plan.
Things were always going quite well for XRP before the new developments and advancements in new markets. The price of XRP is expected to soar over time. XRP’s utility cannot be overstated and coupled with the plans to go public after the case of the SEC, the future looks bright once more.
Is Ripple’s coin supply capped
The ripple network is used by banks to facilitate fast international payments at low transaction fees. XRP’s supply is capped at 100 billion tokens, with 46 billion tokens already in circulation.
XRP’s price prediction
XRP’s price prediction as one of the next cryptocurrencies expected to explode Ripple’s price prediction is in sharp focus now. According to Wallet Investor, XP’s price could hit $1.28, which implies nearly 44% upside potential over the current price. It sees the crypto reaching $2.57 in five years, which suggests an almost 190% upside potential.
The digital coin price forecasts that Ripple will close 2022 at $1.43, representing a 60% increase. It expects the altcoin to continue rising in the coming years, crossing $2 in 2023 and reaching $3 in 2025, implying a 237% increase.
Ripple would most likely win the court case against SEC. Ripple would most likely win. This will most likely send it soaring towards a new all-time high. Ripple has the potential to disrupt the financial system positively. In fact, it’s already doing so as more central banks across the world want to use XRP as their payment settlement coin.
In the short term, I’m predicting $1.50 per token and $3.70 per token in 2025.
How high can XRP go
XRP has traded between a low of $0.43 and a high of $1.96 in 2021. It reached an all-time high of $3.84 in January 2018. Since then, it has dropped nearly 80% from its peak.
Investors anticipate that if Ripple wins the second lawsuit, it will rally back to its all-time high and move higher. Ripple lawyers are putting pressure on the regulator and demanding that it hand over some crucial documents in the case.
How much will 1000 XRPs be worth by 2025
At the predicted price, you stand a chance of gaining more than a 315% profit in 2025 if you buy at least 1,000 XRP right now. Long-time XRP holders have every reason to be hopeful that the token boasts a lifetime return on an investment of 15,000. That shows a $3,000 investment in the altcoin of the earliest opportunity is worth more than $450,000.
Is it too late to buy Ripple? There’s still a chance to make money with XRP coin, except that investors need to be aware of the risk that the SEC lawsuit poses if Ripple wins the case. XRP’s price could soar, but the altcoin could drop sharply if the SEC wins. The downside looks minimal considering the market has largely factored that risk into the current price.
Also, there is the rumor that Ripple Labs IPO and a possible deal with Apple are potential catalysts for XRP. Do not forget that XRP could benefit from the expanding adoption of the Ripple payment network. Thanks for watching.
[This article is a transcription of a video made by Crypro Diary]
[Original video: https://youtu.be/SxafoT7iBE0]